Credit and Prepaid Card News

The latest news on the credit card and prepaid card industry from the Center for Responsible Lending.

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  • Prepaid Cards Often Used to Manage Funds 
    Boston Globe 08 Feb 2014
    Prepaid debit cards are widely considered an alternative for consumers who do not qualify for traditional checking accounts, but the Pew Charitable Trusts has discovered that most Americans who use ...
  • Why You Should Keep Your Debit Card at Home 
    Washington Post 07 Feb 2014
    Hearings on Capitol Hill in response to recent retail data breaches shone a spotlight on the unequal treatment of debit cards compared to credit cards.
  • Consumers Save With Bank-Issued Prepaid Cards: Report 
    American Banker 07 Feb 2014
    A new report from the Pew Charitable Trusts shows that Americans paid less for prepaid cards last year than in 2012.
  • Credit Card Penalty Fees Fell 48 Percent in Four Years: Study 
    American Banker 28 Jan 2014
    U.S. credit card users paid $12 billion in penalty fees in 2013 -- roughly half of the $22.9 billion they forked out in 2009 -- according to industry consultant R.K. Hammer.
  • CFPB Offers Guidance to Consumers on Debit, Credit Card Data Theft 
    Mortgage News Daily 27 Jan 2014
    Several retail chains have reported data-security breaches since the holiday season, with Michaels now adding its name to the list of stores.
  • T-Mobile Enters Prepaid Card Market 
    Washington Post 22 Jan 2014
    T-Mobile introduced a prepaid card on Jan. 22, following other retailers like Wal-Mart, Walgreens, and Target into the banking world.
  • Consumer Financial Protection Bureau Empowers Credit Card Consumers 
    Pittsburgh Post-Gazette 14 Jan 2014
    A new report by the U.S. Public Interest Research Group reveals that nearly 40 percent of borrowers who filed credit card gripes with the Consumer Financial Protection Bureau received some form of ...
  • 'No-Interest-Now' Deals Can Be Risky 
    USA Today 26 Dec 2013
    Many shoppers can save money in the long run by avoiding zero-percent, "no-interest-now" deals during the busy holiday season. Odysseas Papadimitriou, founder and CEO of the personal finance websites CardHub and WalletHub, notes that deferred-interest-rate deals are an extremely popular offering right now. Consumer watchdogs, however, warn that there are many ways for shoppers to end up paying more than what they anticipated under these deals.
  • Amex Fined After Staff Misled Customers 
    Financial Times 25 Dec 2013
    American Express (Amex) has agreed to $75.7 million in fines and reimbursements to customers after regulators discovered that its sales staff misled customers about the benefits of many credit card insurance products.
  • Credit-Card Rewards Programs Examined by U.S. Consumer Bureau 
    Bloomberg 15 Nov 2013
    Concerned that customers may be misled when they enroll in complex credit-card reward programs, the U.S. Consumer Financial Protection Bureau (CFPB) could consider new rules in this area.
  • Is 18 Too Young for Credit Cards? 
    MarketWatch 08 Nov 2013
    A new study on the credit card behavior of young adults suggests that a provision in the Credit Card Accountability, Responsibility and Disclosure Act of 2009 -- intended to keep many people under 21 years of age from getting a credit card -- was misguided and unnecessary.
  • New Tactics Keep College Kids Hooked on Plastic 
    CNBC News  04 Oct 2013
    Since passage of the Credit Card Accountability, Responsibility and Disclosure Act of 2009, use of credit cards among college students has declined. Debit cards, however, are becoming more common and now are used by nearly 80 percent of students, a survey by Sallie Mae and Ipsos found. Many student ID cards double as debit cards, and prepaid cards are gaining popularity among parents who want to better control their kids' spending. The problem with prepaid and debit cards is that they do not allow students to build a credit record, and they often come with fewer marketing restrictions.
  • Chase Scraps Joint Credit Cards 
    CNN Money 24 Sep 2013
    In a move likely to be copied by other banks, Chase has announced it will no longer allow customers to open joint credit cards -- a popular option for couples sharing the responsibility of repayment.
  • JPMorgan Fined $389 Million for Deceptive Credit Card Practices 
    Washington Post 20 Sep 2013
    The Office of the Comptroller of the Currency (OCC) on Thursday hit JPMorgan Chase with $389 million in penalties for duping millions of customers into buying expensive and unnecessary services when they signed up for credit cards.
  • Banks Probe Regulatory Limits of Credit Card Add-Ons 
    American Banker 17 Sep 2013
    American Express, Wells Fargo, and Citigroup all seem to be testing how far they can go with credit card add-on services, even though regulators are preparing for another round of crackdowns on these controversial products.
  • Ranking the States: Credit Card Debt 
    Washington Post  20 Aug 2013
    Data compiled by credit rating agency TransUnion shows that Alaska has the highest rate of credit card debt in the United States, owing an average of $6,910 -- nearly $2,000 more than the national average.
  • Credit Card Delinquencies Reach 18-Year Low 
    CNN Money  02 Apr 2013
    Delinquencies on credit cards issued by banks hit the lowest point in 18 years after plummeting to 2.47 percent in the fourth quarter, reports the American Bankers Association (ABA). The decline throughout 2012 sends a signal that consumers are attempting to get debt under control...
  • Credit Card Users Smarten Up 
    U.S. News & World Report 13 Mar 2013
    Americans are becoming more thrifty, according to new data from rating agency Fitch. The share of delinquent accounts is at the lowest level since 1991, with more credit card borrowers paying off their balance in full each month and fewer carrying a balance. The typical credit card charge-off rate peaked at 11.4 percent in early 2010 but began to fall abruptly by 2011. The Federal Reserve recently reported that the total number of credit card accounts fell from nearly 500 million in 2008 to 380 million now. Two area where Americans are not deleveraging are student loans and federal debt. Total student loan balances are nearly $1 trillion, with default rates exceeding any other type of debt. Americans' savings rates also continue to decline.
  • Capital One to Refund $150 Million to Credit Card Customers 
    Los Angeles Times 18 Jul 2012
    In the Consumer Financial Protection Bureau's first major enforcement action since the agency went live last July, it has ordered Capital One Bank to refund $140 million to credit card consumers for questionable marketing of add-on products. At the same time, the federal Office of the Comptroller of the Currency hit Capital One with its own $10 million consent order tied to unfair billing practices from May 2002 to June 2011, for total refunds of $150 million. Additionally, Capital One must pay $60 million combined in civil penalties for the practices. CFPB director Richard Cordray said the bank's call center operators tricked customers with low credit scores or credit limits into buying "products they didn't understand, didn't want, or in some cases, couldn't even use" -- such as payment protection and credit monitoring -- when they activated their credit cards. As part of the consent orders, Capital One has agreed to refund the full amount of add-on products, plus interest, to customers who enrolled in them or tried unsuccessfully to cancel them on or after Aug. 1, 2010. Finance charges and other associated fees will be refunded as well. "We are putting companies on notice that these deceptive practices are against the law and will not be tolerated," Cordray declared.
  • Prepaid Debit Cards Scrutinized by Regulators 
    Raleigh News & Observer (NC) 19 May 2012
    As free checking accounts become more scarce, prepaid debit cards are taking the spotlight. The reloadable cards have been one of the fastest-growing bank products for years as lower-income customers look to avoid overdraft charges and fees. According to a new survey by the National Foundation for Consumer Credit Counseling, there are currently more than 30 million Americans using such cards. Adam Rust of Reinvestment Partners said approximately $300 billion was put on the prepaid cards last year, up from $30 billion in 2006. However, many say the cards carry high fees of their own. Now, the Consumer Financial Protection Bureau (CFPB) is getting involved. The agency recently announced that it will hold a hearing about the cards in Durham, N.C. It is seeking consumer feedback. Those in attendance will include CFPB director Richard Cordray and Martin Eakes with the Center for Responsible Lending.
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